Topic 1: How do you view the Chinese market?
China's tutoring market is vast, but the value proposition of higher education enhancement courses has not been fully established in China. European and American degree credit certification is sought after by the market. Still, most Chinese students only watch videos instead of purchasing credit degree certification. The biggest challenge facing the Chinese market. Secondly, the future (educational technology) will focus on the mobile terminal. The global mobile terminal penetration rate is 30%, and China's 60%.
The Chinese education market, like other markets, is moving from labor-intensive to capital-intensive and technology-intensive.
With the upgrading of consumption and the rise of the middle class, the Chinese people's pursuit of education has also shifted from "learning" to "easy to learn," which brings higher requirements for services. Initially, the main business of Chinese education companies was mainly teachers. Now they are trying face recognition to capture children's concentration in class, use data to analyze children's knowledge mastery, and provide them with personalized counseling and homework.
In addition to the first-tier cities in China, many second-and third-tier cities hope to obtain high-quality education at a low cost.
Education companies are also trying to use recording and live broadcasting to cover students in the broader area. In China's third-tier cities, there is a lack of good math coaches. Some companies are trying to use the "online live broadcast + offline tutoring" dual-teacher classroom format to allow the country's best math teachers to provide more targeted courses for children everywhere.
In China, parents' perception of the after-school training market is an investment.
The quality of educational services provided on the market is uneven. For companies wishing to enter the Chinese market, what needs to be paid attention to is what value you can bring to consumers. You guarantee the quality of educational products and services and make your consumers love you.
The logic behind investing in education is because China has a vast market.
The Chinese market has more demand for high-quality resources from Europe, America, and English-speaking countries. The Chinese education market has great demand for high-quality educational resources but lacks high-quality supply.
Topic 2: Any suggestions for foreign companies that want to enter the Chinese market?
The biggest suggestion is to find an excellent local partner in China to localize your content and business model.
Many American education companies have difficulty entering China because education products are not simple hardware products but service distribution. This requires robust localization and distribution channels for educational products. Just as a company introduced ReadingA-Z to China, American partners provided excellent professional content. They made many application innovations in product localization, such as importing published content into an APP. In addition, they use speech recognition technology to help Chinese students improve their oral pronunciation. US partners also hope to apply this speech recognition technology to the US market.
It is recommended that foreign companies that want to enter China should be prepared for a protracted battle.
First, the Chinese market is significant, and 15% of Chinese household expenditure goes to education. Secondly, there is a massive gap between supply and demand. Taking VIPKID as an example, 30,000 foreign teachers in China cannot meet the needs of millions of students. In addition, this market is still very fragmented, focusing on service quality.
Topic 3: What can the American education market learn from China?
Coursera has three priority strategies:
First, upgrade competency certification to degree certification.
Second, shift from 2C to 2B and provide training services for educational institutions/enterprises.
Third, in the future, it will expand its market share in China. China is the third priority market. At present, it will do an excellent job in the mature model of the existing market and focus on the first two markets.
The Chinese and American markets have some similarities and differences. Chinese parents are more willing to spend high expenses on education than American parents. Some companies do not think that the To C model can be successful in the United States. Most American companies are technology-driven companies and are To B. Compared with China, American universities will spend more money to buy hardware.